NatWest Swings to Profit in Q1 on Impairment Releases; Focus on Cost Discipline Continues
NatWest Group plc (NatWest or the Group) reported a profit after tax of GBP 713 million in Q1 2021, compared to a profit of GBP 331 million in Q1 2020 and a loss of GBP 20 million in Q4 2020, mainly driven by lower operating expenses and impairment releases due to the low levels of defaults and improving underlying credit fundamentals in Stage 1 and 2 loans. The Group's Return on Tangible Equity (RoTE) improved to 7.9% in Q1 2021 (vs. 3.6% in Q1 2020 and -1.4% in Q4 2020), and this compares to a target RoTE in the range of 9-10% by 2023.
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